Legaljini

Gift agreement with a condition for revocation

This deed is made when a person wishes to gift his property to another but only on the happening of a certain event. Gift Deed is an instrument by which any person [Donor] can willingly and without any monetary consideration thereof, transfers his/her rights/interests/benefits/title in certain existing movable or immovable property belonging to him/her to another person [Donee] out of natural love, affection or other emotions and/or for spiritual benefits. GIFT should be accepted by the Donee during the lifetime of the Donor.

₹ 375.00

1

What is a gift?

Ans.

It is any transfer to an individual, either directly or indirectly, where full consideration (measured   in money or money's worth) is not received in return.

2

Are oral gifts of immovable property permitted?

Ans.

No, the subject matter of the gift must be an existing property. The existing property may either be movable or immovable.

3

When is a gift void?

Ans.

A Gift is void when the following elements are present: 
a) Force. 
b) False Representation. 
c) Undue influence.
d) Fraud forgery.
e) Conveyance to avoid creditors.
f) Alterations in deed after execution.
g) By imposing conditions disadvantageous to the interests of the contracting parties.

4

Which gifts are tax free?

Ans.

a) Offerings to the saints. 
b) Gifts on occasion of marriage, other than gifts exchanged amongst spouses themselves. 
c) Amounts received on partition of a Hindu Undivided Family. 
d) Cash from a charitable trust.
e) Gifts received from any overseas relatives.

5

What is a gifted property deed?

Ans.

It is a property deed in which the consideration is not monetary, but is made in return for love and affection. It transfers property to another as a gift and must be recorded in the land records.

6

Can a registered gift deed be revoked or cancelled by donor?

Ans.

No, a registered gift deed cannot be revoked or cancelled by the donor.

 

 

STEP 1

Fill in blanks:

Fill in the blank spaces. Delete instructions highlighted in grey.

 

 

 

STEP 2

Alternations: 

Add or delete a clause according to your needs. Re-check the document.

 

 

 

STEP 3

Stamp Paper

The Stamp Duty value will be made available to you at your legaljini account on purchase of the document.

 

Stamp Duty Payment option 1

If you wish to print Agreement on Stamp Paper, you can buy from court/ Stamp office and said Stamp paper will be used as 1st page of Agreement. If you wish to have 2 copies of Agreement you should buy 2 Stamp Papers (one Stamp Paper for each copy)

 

Stamp Duty Payment option 2

If you have facility of franking for Stamp Duty payment at nearest bank, you need to print the Agreement & get franking done. If you wish to have 2 copies of Agreement you should frank 2 copies (one copy for each party)

 

 

 

STEP 4

Printing on Legal Paper:

 

 

On Stamp Paper

Print ONLY on the blank portion of the stamp paper.

 

On Ledger Paper

Print on a SINGLE SIDE of a sheet of Ledger Paper.

 

 

 

STEP 5

Number of Copies Needed:

Generally it is made two copies (one copy for each party)

 

 

 

STEP 6

Photographs & Signatures/ Thumb Impression & Initials:

The concerned parties should sign, or affix their mark and recent passport size photograph against their names on the last page of the document. This document must initialed or marked by the concerned parties at the end of every page. In addition or corrections/ alterations made after printing must be initialed.

 

 

 

STEP 7

Witness Attestation (Both Parties):

This document must be attested by atleast two witnesses from both sides.

 

 

 

STEP 8

Registration/ Notary

Registration or Notary is mandatory for some documents. If you need clarification you may contact our Helpline at support@legaljini.com

 

Registration Mandatory

Please contact the nearest Sub Registrar office for registration of this document.

 

 

 

You Need to Know:

Gift should be accepted by the Donee during the lifetime of the Donor.

 

 

 

Please contact our Helpline if you have any difficulty.